If the bank charter is not renewed, there would not be an immediate credit risk for U.S. exporters. However, Boeing could face long-term risks, especially if it decides to significantly expand the direct loans and guarantees it provides to its airline customers.

Without Ex-Im, Boeing may need to double its support to these customers, the S&P report said.

Boeing Capital Corp. provided only $3.5 billion in financing as of the end of March, said Christopher DeNicolo, S&P credit analyst, adding:

“Using 2014 data as an example, we estimate that the company’s new financing needs could total $7 billion to $9 billion if Boeing Capital chooses to fund all of the deliveries that it had expected Ex-Im to finance.”

Former Treasury Secretary and Obama adviser Lawrence Summers has gone to bat for the Ex-Im Bank, writing in a column in the Financial Times that allowing the bank to shut down while other countries continue to support similar programs would be “the economic equivalent of unilateral disarmament.”